International Greetings – 44p

17 April 2013 – trading statement and new investment

A detailed trading statement has revealed that the key target of adjusted earnings per share (fully diluted pre-exceptional earnings per share) for the full year should be substantively in line with expectations.  However, some new investments and a less bouyant Australian market will hit growth in the current year.  Funding has also been secured for some major investment, principally the rationalisation of the gift-wrap manufacturing facilities in the UK into one site.

The company believes that it is well placed to achieve its 3 year plan of double digit average earnings per share growth and a debt reduction programme to reduce debt below 2 times EBITDA.  Although today’s announcement has seen the shares slip we believe there is strong potential for upside over the longer term and rate the shares as a BUY.

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